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markets. we've been investing in places like indonesia and mexico. those are the exotic locations. but you've got to get out of sus dollars. >> peter, why would you invest in the country whose terms of trades are getting worse rather than in the united states with a depreciating dollar and terms of trade are improving? >> a weakening dollar doesn't improve your terms of trade. >> sure it does. that's exactly what it does. >> no it doesn't. >> it helps exports. >> steve, the dollar has been depreciated -- >> it costs less to make stuff here. it's not been depreciating for decades. >> yes it has. where you been? >> i been here. >> do you see a significant depreciation of the u.s. dollar? >> i don't. i think what's interesting is that if you weren't paying attention, the dollar is the world's reserve currency. all the things that have gone wrong here in the united states have put people into what? into dollars. into dollar-based assets. the ability to fund the deficit goes on without much hiccup at all. we're still paying low rates for borrowing. 1.7%. all those predictions were -- >> they we
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